REVIEW FOR THE FINAL EXAMACCOUNTING 200(note: most of the suggested problems are the “Brief Exercises” denoted as BE in your text. This is not a typo….the problems are just smaller and more characteristic of something you would be more likely to experience on the Final Exam since it is a multiple choice exam)One-third of the final exam (17 questions) comes from Chapters 11 and 12. The remaining two-thirds (33 questions) of the exam are spread over Chapters 1-10. Therefore…..most of your studying should be over Chapters 11 and 12 because there are more questions per chapter on this material than the previously tested material.Chapter 1:Know the Financial Statements: Income Statement, Retained Earnings Statement, and Balance SheetBe aware of what types of accounts are presented on each statement (i.e. Revenues are on the Income Statement, etc.)Self-study questions: 1 – 9BE 1-4BE 1-6BE 1-7Chapter 2Be able to identify the sections of a classified balance sheet.If I give you a list of accounts, you should be able to tell me which section of a “Classified” Balance Sheet they would be listed. Know the definitions/concepts of the different groupings. In other words, you shouldn’t have to memorize that “accounts receivable” is a current asset…just the fact that current assets convert to cash within 12 months. Then, you should be able to figure out that if someone owes you money on a 30 day account receivable….it would be current because you would be receiving payment within the year.Self-study questions: 1,2, and 5BE 2-1Chapter 3Be able to analyze the effect of business transactions on the basic accounting equation.Know how debits and credits affect the accounts: assets and expenses increase with a “debit”; liabilities, equity and revenue increase with a “credit.”Self-study questions – AllBE 3-1, 3-2, 3-4 P3-4A

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